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the fiscal cliff problem? >> i mean, part of what jim seems to be saying is that the economy is on not exactly a glide path but sort of already stumbling its way toward what needs to happen. and i always felt covering the campaign that that was sort of the dirty secret of both candidates' rhetoric was that neither of them really had a concrete achievable or constructive policy plan to move forward. it was really just sort of sit on your hands and hope things get better. pete: all right. thank you all very much. thank you. that will have to wrap it up for tonight. where leaving a bit early because it's pledge week. we like to think of it as giving you a chance to support your local pbs station. which in turn supports us. so be sure to check out our webcast extra. where we talk more about hillary clinton's last overseas trip. alongside president obama and what her future might look like. that's at pbs.org/washingtonweek. i'm pete williams. gwen ifill will be back around the table next week. on "washington week."
the fiscal cliff problem? >> i mean, part of what jim seems to be saying is that the economy is on not exactly a glide path but sort of already stumbling its way toward what needs to happen. and i always felt covering the campaign that that was sort of the dirty secret of both candidates' rhetoric was that neither of them really had a concrete achievable or constructive policy plan to move forward. it was really just sort of sit on your hands and hope things get better. pete: all right....
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assuming politicians don't take us over the fiscal cliff, this economy looks like it's gaining rather than losing momentum going into 2013. >> that's good. you see that housing has turned a corner. >> yeah. >> but then look overseas. all the possibilities of fiscal cliffdom over there. >> yeah, multiple cliffs. actually, britain's not involved in this, interestingly. the sovereign debt crisis there is being worked out slowly, painfully, if they did go through a shock where greek suddenly exited the eurozone or we had spain or italy default, that would be a major game-changer because it would really impair european banks and touch off another financial crisis. that does not seem to be on the horizon. china, which was experiencing something of a hard landing earlier this year is now starting to stimulate its economy again. and looks like china and the u.s. can be barbells in a kind of two-pronged advance in the economy next year. so i think there is reason to be optimistic. people are far too downbeat at this point for the prospect of things here at home. >> in terms of the average amer
assuming politicians don't take us over the fiscal cliff, this economy looks like it's gaining rather than losing momentum going into 2013. >> that's good. you see that housing has turned a corner. >> yeah. >> but then look overseas. all the possibilities of fiscal cliffdom over there. >> yeah, multiple cliffs. actually, britain's not involved in this, interestingly. the sovereign debt crisis there is being worked out slowly, painfully, if they did go through a shock...
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Nov 24, 2012
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why are you so he enamored of fiscal cliff? >> i don't think that $3,500 hit to the average family is going to happen. think there will be a deal struck here, each side is going to have to give a little bit. my take on the fiscal cliff is the notion that is definitely in everybody's had affecting holiday spending but becoming its don't issue. we are blowing it up -- is like the debt ceiling talks we had last year. these all became issues because we made some issues. net net is no good long-term efeffects for the economy. gerri: you picked up something interesting out of ben bernanke at statement about banks being too tight with their lending. what did you make of that? >> it is very interesting because ben bernanke is talking about the unwillingness of banks to lend more noncredit were the people and the problem i have with that is banks are having to do that because ben bernanke has killed the bank model and if you look back at banks and how they make money they borrow on the short end meaning they borrow at the low end of int
why are you so he enamored of fiscal cliff? >> i don't think that $3,500 hit to the average family is going to happen. think there will be a deal struck here, each side is going to have to give a little bit. my take on the fiscal cliff is the notion that is definitely in everybody's had affecting holiday spending but becoming its don't issue. we are blowing it up -- is like the debt ceiling talks we had last year. these all became issues because we made some issues. net net is no good...
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Nov 24, 2012
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when tackling the fiscal cliff, we should ask ourselves, which are the most ineffective things. >> keep thinking, guys, that down the line here, the chorus over and over is going to be we all pay more and all get less. thanks for being here. we appreciate it. >>> thousands of people paid a lot to do cramming into stores everywhere. you might even be watching this on a new tv, but retailers needed more than hype. they needed red hot cash registers on this black friday. we'll tell you how sales added up today because a lot of jobs are counting on it. in just a few weeks after mitt romney's defeat, the gop is already looking forward to 2016. say it ain't so and there's another bush on the horizon. plus, we're following news of a massive gas explosion in massachusetts. take a look. we'll have details just ahead. >> hi. >> you know, i can save you 15% today if you open up a charge card account with us. >> announcer: we all love a good deal during the holidays, especially identity thieves. they can open an account in your name and go on a serious spending spree. >> do you have cufflinks? >> m
when tackling the fiscal cliff, we should ask ourselves, which are the most ineffective things. >> keep thinking, guys, that down the line here, the chorus over and over is going to be we all pay more and all get less. thanks for being here. we appreciate it. >>> thousands of people paid a lot to do cramming into stores everywhere. you might even be watching this on a new tv, but retailers needed more than hype. they needed red hot cash registers on this black friday. we'll tell...
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and more than half saying the uncertainty around the fiscal cliff will impact their spending and job creators are cutting back on spending and a bad deal for the economy? well, let's ask. ben stein, dagen mcdowell, charlie gasperino and gary k. want to start with you. bad deal for all of us? >> of course, look, business investment was already down last quarter over 1%, and the word uncertainty just pervades the air and its business, its consumer, how about philanthropic organizations don't no what kind of write-offs for charity and the worst the outcome is probably going to be more, and taxes are going to go up and of course there will be no spending cuts. >> and ben, it does sound ominous, even if you're not someone who reads the wall street journal, the fiscal cliff, fiscal cliff, it could be the-- i don't know intimidation factor, it could actually be worse than going over the cliff. >> i think that's a brilliant point, charles. if we went over the cliff for a few months the impact would not be enormous, and uncertainty is a bad word and fear is a really, really bad words and thes
and more than half saying the uncertainty around the fiscal cliff will impact their spending and job creators are cutting back on spending and a bad deal for the economy? well, let's ask. ben stein, dagen mcdowell, charlie gasperino and gary k. want to start with you. bad deal for all of us? >> of course, look, business investment was already down last quarter over 1%, and the word uncertainty just pervades the air and its business, its consumer, how about philanthropic organizations...
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if we go off the fiscal cliff, it's predicted that we will get another recession, now they're saying if we go off the fiscal cliff it only impact certain americans with taxes increasing and it will affect our country and economy. and we need face-to-face meetings and i don't think that obamacare should be on the table. >> you do not think that obamacare should be on the table. >> no. >> i don't think that obamacare should be on the table. it's the number one priority for the lawmakers right now whether you're a democrat or a republican, this should be priority number one, it's when john boehner had the new freshman tea partiers come in in 2010 and facing the debt ceiling, he characterized the first adult moment for the new freshmen congressmen and i think this is the second adult moment. can we get beyond party politics and rigid ideology and come with a compromise that will benefit the american people? we need both to look seriously at spending cuts and revenue generation for the country right now. >> all right, so let's-- >> and let's put a couple of ideas on the table and angela,
if we go off the fiscal cliff, it's predicted that we will get another recession, now they're saying if we go off the fiscal cliff it only impact certain americans with taxes increasing and it will affect our country and economy. and we need face-to-face meetings and i don't think that obamacare should be on the table. >> you do not think that obamacare should be on the table. >> no. >> i don't think that obamacare should be on the table. it's the number one priority for the...
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cliff, california's slowly recovering economy could slow even more. state analysts say california's first projected budget surpluses in a decade could quickly turn into an $11 billion deficit unless a deal is struck. california would experience tax rate hikes and massive spending cuts. >>> the fiscal cliff could also endanger the future of charities. nonprofit organizations are telling washington they can't survive if their funding is slashed or if they made changes that would limit the incentives of making a donation. congress is considering a proposal that would cut from 35 to 28% the amount wealthy americans could write off in charitable donations. >> a 1% decline in giving to american higher education would result in a loss of $300 million a year to colleges and universities. >> nonprofits have launched a new lobbying effort, including a website asking charities to contact their members of congress. >>> a penny more a mile. that is what you will get under the new standard mileage rates when you file your taxes. the irs announced that starting next
cliff, california's slowly recovering economy could slow even more. state analysts say california's first projected budget surpluses in a decade could quickly turn into an $11 billion deficit unless a deal is struck. california would experience tax rate hikes and massive spending cuts. >>> the fiscal cliff could also endanger the future of charities. nonprofit organizations are telling washington they can't survive if their funding is slashed or if they made changes that would limit...
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let's just hope and pray that things get better and let's hope that the fiscal cliff, we get that resolved and hope that prices start to, don't keep going up like they are. let's hope that the tax situation doesn't get out of control and hope all of the negative things that could happen don't happen, but if they do happen, you're right, arthel, get ready because january and february are going to be rough months out there. >> arthel: well, we hope it doesn't come to that. we want everyone to have a, you know, good income and et cetera. and by the way, as someone told me you have pretty deep pockets if you want to buy me a christmas gift, no problem. (laughter) >> i already did. that's what i've done all weekend. >> arthel: good answers, ed butowsk butowsky. >> rick: you let me know if he sends you something. >> arthel: i will. >> rick: and new concerns over a sweeping new power grab from the president of egypt. how should the u.s. react? a fair and balanced look is ahead. >> plus a look at the hottest toys on the market right now. there's some of them. find out what is sure to make you a bi
let's just hope and pray that things get better and let's hope that the fiscal cliff, we get that resolved and hope that prices start to, don't keep going up like they are. let's hope that the tax situation doesn't get out of control and hope all of the negative things that could happen don't happen, but if they do happen, you're right, arthel, get ready because january and february are going to be rough months out there. >> arthel: well, we hope it doesn't come to that. we want everyone...
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but do you interpret this -- all of the drama around the fiscal cliff to be really, a total lack of faith? heresy in front of the growth model demonstrate as you point out, over the past two years, they are really saying, this economy can't grow fast enough to support the government. we won't see revenue increase unless we raise taxes. >> that is absolutely correct. but, of course, the perverse thing is you don't get growth if you raise tax rates. and, california and several to the states, the top rate is approaching 50%, effectively with a 50% top rate. and, business has as much incentive to fire somebody, to lower costs, as to hire somebody to increase revenues. >> lou: we have a contemporaneous pareexperiment g on, in california bringing tax levels above 50%, the nation, right now, getting ready to move higher are we going to see california behave that's cas th in the coal mine, if you will when it comes to economic growth and the ability to support an ever-growing government. >> yes, people are fleeing california. california is a microcosm of what happens to countries that raise their
but do you interpret this -- all of the drama around the fiscal cliff to be really, a total lack of faith? heresy in front of the growth model demonstrate as you point out, over the past two years, they are really saying, this economy can't grow fast enough to support the government. we won't see revenue increase unless we raise taxes. >> that is absolutely correct. but, of course, the perverse thing is you don't get growth if you raise tax rates. and, california and several to the...
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i do think i can offer those insights. >> woodruff: when you talk about the fiscal cliff are the deadline is supposed to be january 1, but you've been out there talking about what can be done about that. among other things, you're saying taxes should go-- in other words, the bush tax cuts should be allowed to expire on everyone under $500,000. which is more than what the president is saying. he's saying it ought to be at 250. yet difference? and have you tukd him about that? >> sure, yeah, yeah, it was over 500, not under 500. yeah, i-- that position, judy, is one that i put on the table a year ago. and i'll tell you why. there isn't anything sort of theological about the $500,000 number. it's just a compromise. the democrats' position has been tax cuts to expire over 250. the republicans' position has been make all the tax cuts permanent. so a year ago i put a of a compromise on the table. if that compromise were accepted, it would raise $500 billion in revenue over the next 10 years, which would take the potential trillion-dollar sequester and cut it in half. and there arar a couple of
i do think i can offer those insights. >> woodruff: when you talk about the fiscal cliff are the deadline is supposed to be january 1, but you've been out there talking about what can be done about that. among other things, you're saying taxes should go-- in other words, the bush tax cuts should be allowed to expire on everyone under $500,000. which is more than what the president is saying. he's saying it ought to be at 250. yet difference? and have you tukd him about that? >>...
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before this -- it's going to put a lot of pressure on the economy if we head over the fiscal cliff. we either have to fly or we fall. and if you let these budget -- tax increases expire, and if you get these automatic cuts, you're all of a sudden going to yank a lot of money out of the economy. what does that mean? it means a smaller, shrinking economy all of a sudden. i think most people would like to avoid that. here's the good news. you don't need the republicans to be unanimous. you only need some republicans and a lot of democrats. that's kind of where we are right now. >> all right, thanks so much. good to see you from washington. >> good to see you. >>> all right, melissa stockwell, you may not know her name, but we have a story behind the name. she lost her leg after a roadside bomb hit her convoy in iraq. but she turned tragedy around and started a new career in prosthetics. hear her inspiring story. a hybrid? most are just no fun to drive. now, here's one that will make you feel alive. meet the five-passenger ford c-max hybrid. c-max says ha. c-max says wheeee. which is wh
before this -- it's going to put a lot of pressure on the economy if we head over the fiscal cliff. we either have to fly or we fall. and if you let these budget -- tax increases expire, and if you get these automatic cuts, you're all of a sudden going to yank a lot of money out of the economy. what does that mean? it means a smaller, shrinking economy all of a sudden. i think most people would like to avoid that. here's the good news. you don't need the republicans to be unanimous. you only...
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his biggest challenge here at home, finding a way to avoid that so called fiscal cliff that could raise your taxes and throw the economy back into recession. kristen welker is in our washington bureau. good morning. >> reporter: president obama is also facing a number of challenges overseas, as you say, from the unrest in the middle east to the continuing fallout over the attack on the u.s. consulate in benghazi. but the fiscal cliff looms large. president obama returning from a post-thanksgiving round of golf, but off the links, the clock is ticking. lawmakers need to hammer out a deal to prevent the so called fiscal cliff. deep spending cuts and tax hikes set to take effect next year. >> i think we're all aware that we have some urgent business to do. >> reporter: after a meeting at the white house last week, congressional leaders struck a rare tone of bipartisanship. >> we had a very constructive meeting with the president. >> we feel very comfortable with each other. >> reporter: but a major sticking point remains -- taxes. president obama wants to let the bush era tax cuts expire f
his biggest challenge here at home, finding a way to avoid that so called fiscal cliff that could raise your taxes and throw the economy back into recession. kristen welker is in our washington bureau. good morning. >> reporter: president obama is also facing a number of challenges overseas, as you say, from the unrest in the middle east to the continuing fallout over the attack on the u.s. consulate in benghazi. but the fiscal cliff looms large. president obama returning from a...
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cliff is going to become a huge problem for the economy. beam are going to be nervous to invest, you see that in the wall street journal this morning, investment dropping oflt let's try to get this done before the political season gets well underway. president obama says thank you very much, got an election to do and afterwards and now we're coming up against a deadline. higher taxes leads to less productive and hurts job. you know who else thought that, president obama. in the lame duck of december, 2010, those were his act words in the rose garden why we need today extend the bush tax cuts. >> alisyn: stick around for a minute because 2016 is right around the corner and is jeb bush really considering a run for president? we're going to-- >> what's so funny? >> and we'll ask in two minutes, stick around. >> imagine in 2016, it's clinton versus bush. will jeb bush run for the republican nomination. >> i think he could give it
cliff is going to become a huge problem for the economy. beam are going to be nervous to invest, you see that in the wall street journal this morning, investment dropping oflt let's try to get this done before the political season gets well underway. president obama says thank you very much, got an election to do and afterwards and now we're coming up against a deadline. higher taxes leads to less productive and hurts job. you know who else thought that, president obama. in the lame duck of...